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Sora

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Japanese publicly traded firm Metaplanet Inc. has announced it is partnering with Sora Ventures, an Asian investment firm to create Asia’s MicroStrategy Inc for Bitcoin (BTC) bets.
<h2 id="strong-the-metaplanet-bitcoin-bet-and-backers-strong">The Metaplanet Bitcoin Bet and Backers</h2>
The Metaplanet and Sora Ventures Alliance was christened with the 1 billion Japanese Yen (worth approximately $6.5 million) injection into Bitcoin by the former. Metaplanet said it is set to make Bitcoin its treasury asset moving forward. It said it will start making Bitcoin bets to mimic the related embrace of the coin by American business intelligence and software firm MicroStrategy.
Recall that MicroStrategy also made the move to adopt Bitcoin as its Treasury Reserve Asset (TRA) in August 2020. Since that time, the Michael Saylor-led firm has been making and sustaining Bitcoin accumulations. Following <a href="https://coingape.com/breaking-microstrategy-buys-9245-btc-now-holds-1-of-all-bitcoin/" rel="noopener noreferrer nofollow">MicroStrategy’s recent 9,245 BTC acquisition</a>, the company has increased its Bitcoin holdings to 214,246 BTC, placing it the second largest corporate holder of the coin after BlackRock.
The company justified its bets as its way of evolving such that the financial revolution that Bitcoin represents can meet technological innovation in the long term. The bet on Bitcoin will place Metaplanet as the first firm on the Tokyo Stock Exchange to go all out on the digital currency, creating a precedent that might change the Bitcoin investment landscape in the country.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Today, we're thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about… <a href="https://t.co/OASxj9IBPG" rel="noopener noreferrer nofollow">pic.twitter.com/OASxj9IBPG</a>
 — Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1777243921867014574?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The firm said it was able to actualize the move with support from Sora Ventures and Mark Yusko, the Founder, CEO, and CIO of Morgan Creek Capital among other top industry investors.
<h2 id="strong-is-the-btc-bet-right-for-metaplanet-strong">Is The BTC Bet Right for Metaplanet?</h2>
Betting on Bitcoin has yet to be a mainstream affair. While MicroStrategy pioneered the move on Wall Street in the United States, the trend has yet to be mainstream. However, with the emergence of spot Bitcoin ETFs, the terrain may change remarkably in the coming years.
Bitcoin proponents like Samson Mow and Ark Invest CEO <a href="https://coingape.com/cathie-woods-ark-invest-predicts-bitcoin-btc-price-amid-key-macro-events/" rel="noopener noreferrer nofollow">Cathie Wood</a> believe the price of the coin will still soar above $1 million in the long term. These projects are at the higher end of a trend of forecasts like <a href="https://coingape.com/bitcoin-btc-price-to-hit-300k-2024-predicts-rich-dad-poor-dad-robert-kiyosaki/" rel="noopener noreferrer nofollow">the $300,000 target set by Robert Kiyosaki</a>.
Should these projections come to pass, it might spell a good move for Metaplanet in the long term. Already, MicroStrategy has recorded more than 2x profit on its Bitcoin holdings, a growth that the Japanese firm believes is replicable. 
The post <a href="https://coingape.com/morgan-creek-backed-metaplanet-taps-bitcoin-btc-as-treasury-asset/" rel="noopener noreferrer nofollow">Morgan Creek-Backed Metaplanet Taps Bitcoin (BTC) As Treasury Asset</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Morgan Creek-Backed Metaplanet Taps Bitcoin (BTC) As Treasury Asset

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